Back in August, rumors that the former New York Giants defensive end had landed the gig started circulating, though they weren't confirmed until today. Strahan retired from football in 2008, but has been active in TV projects. In addition to co-hosting Live (which he's actually co-hosted 20 times since Regis Philbin left the show last November), he will continue with his gig as a co-host for Fox NFL Sunday.

Although Ripa said she enjoyed the tryouts for co-host, she said in a press conference that the camaraderie between her and Strahan was "spontaneous" and that they have similar senses of humor, saying they could laugh at themselves and at each other.

Strahan echoed the sentiment, saying that the chemistry is genuine.

"I'm speechless," Strahan told ABC News, after bounding out of a limo and running down a red carpet to Ripa. "I adore you. I am so happy to be here and be a part of this. You know how they say it's a dream come true? I truly can't say I even dreamed this."